OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
It looks as if bulls have exhausted their run. Price was rejected at the descending daily resistance (pink) and was followed by a retest of our ascending resistance zone, printing a bearish shooting star. A divergence in the RSI can also be observed below this price channel. It is important to note that each top was followed by a 61.8 or 76.4 retracement to the trending support which gives us a conservative estimate of where we may find support in the short term. I have placed a partial exit (76.4%) here. If this level is rejected we can expect a test of the 200MA which was a catalyst for the commencement of the current trend.

This technical estimate can be invalidated by a negative, external economic event which is rather likely at this point as global markets are in flux. Fresh outflows from Chinese equity markets may fill the Bitcoin market which would result in a continuation of the bull trend.
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